With all of the foreclosures and bad financial news one would think that there is nothing going on in the refinancing market segment right now. But, that is far from the truth. There are still some great reasons to refinance your mortgage. Doing so will deliver five advantages to you.

1. Low Rates
Rates are still at their lowest in a very long time. And, it appears that since the economy might be on an ‘upswing,’ the rates could increase very soon. Rates currently hover around 5% which makes finance charges a small part of a mortgage payment. There is another benefit of this: being able to afford a 15-year mortgage. This will allow you to pay off your loan sooner and build up equity quicker at the same time.

2. Replacing an ARM
Getting out of that adjustable rate mortgage is mandatory because of the increases in payments that they will bring or have brought in the last year or so. With budgets stretched thin, families can ill afford to have this happen right now. Those who were comfortable with their payments suddenly wake up to find that they have increased in such a manner as to prevent them from being able to make them.

3. Financing is More Plentiful Than You Might Think
There are still banks failing and being bailed out by the FDIC, but there are still many solvent and cash-heavy financial institutions like credit unions that would like a bigger piece of the action on mortgages. Not just any mortgages, though. They want good solid financing deals that are good for both the homeowner as well as themselves.

4. Affordable Payments
Using our refinancing calculator, you can see just how affordable your payments can be. When you compare the numbers from this calculator to your current figures, you will be able to see yourself with lower affordable payments which will provide breathing room in your budget.

5. Individual Attention and Advice
Since there are fewer buyers and homeowners financing houses right now, mortgage companies are not as busy and can afford to spend more time with customers and provide greater service that is needed to make sure that each customer gets the financing that they need. During the rush to finance sub-prime mortgages, it was difficult to get the attention that you needed to make sure that the details were being handled properly.

Not all news is bad right now: refinancing makes a lot of sense for many people.